Corrected: BUZZ-Australia's Reece hits over one-year high on upbeat quarterly update

REECE

29/10/2026 23:23

Corrects to clarify the milestone date in first bullet to June 25 from November 14, 2022, and milestone date in second bullet to October 27 from May 19, 2025
** Shares of Australian plumbing products distributor Reece REH.AX rise as much as 10.2% to A$17.360, their biggest intraday pct gain since June 25
** Stock hits highest level since October 27
** REH posts Q1 sales revenue of A$2.51 billion ($1.77 billion), up 4.3% YoY
** Expects a strong first half in ANZ but remains cautious on the second half of FY27 
** Says ANZ sales rose 12.8%, supported by continued volume momentum and a mid single-digit contribution from inflation
** Reports increase in US sales by 5.6% in Q1, while like-for-like sales increased 2.4%
** However, Reece expects challenging conditions in the US to persist as a subdued residential new construction market continues to weigh on operations
** Stock up 17.6% YTD, including session's moves

($1 = 1.4221 Australian dollars)

 (Reporting by Paridhi Minda)
 ((Paridhi.Minda@thomsonreuters.com))